August 04

Blackstone Bids, Advent Wins, Dalio Exits

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Dakota Transactions is a daily newsletter delivering a comprehensive summary of the top stories and transactions in sponsor-backed M&A, growth and venture investments, portfolio company debt and deal financing, and more across the Tech & Telecom; Sports, Media & Entertainment; Healthcare; Financials; Professional Services; Consumer & Retail; Infrastructure; Energy; Industrials & Materials; and Real Estate sectors.

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Tech & Telecom

Blackstone is back in pole position to acquire energy data platform Enverus from Hellman & Friedman in a ~$6B deal. General Atlantic and Oakley Capital are close to buying French SaaS provider Brevo at a $1.1B valuation. LevelBlue completed its second 2025 cybersecurity acquisition, adding Aon’s Stroz Friedberg and Elysium Digital. Cinven took a majority stake in Smart Communications, and Bluebird Fiber will acquire Everstream for $384.6M. On the venture side, OpenAI raised $8.3B at a $300B valuation led by Dragoneer, with major global backers. GIC is pursuing a stake in a European fiber network, and Ericsson eyes Intel’s NEX unit.

Sports, Media & Entertainment

MFE-MediaForEurope topped PPF’s bid for German broadcaster ProSiebenSat.1. SEGG Media bought GXR Racer assets for $10M to launch the Sports.com Super App. Ownership tensions are brewing over TaylorMade Golf between Centroid Investment Partners and F&F Co. Fitness Ventures expanded with three Crunch Fitness locations and plans $75M for 15 new gyms. Gray Media is acquiring NBC and Fox affiliates in GA and TX. The NFL is finalizing a multi-billion-dollar deal giving ESPN control of key media assets, including RedZone and NFL Network, in exchange for NFL equity. Venture highlights include Conversion’s $28M AI marketing round and MyPrize’s $21M casino funding.

Healthcare

Machinify, backed by New Mountain Capital, will acquire Performant Healthcare for ~$670M. ATI Physical Therapy is going private via a merger led by Knighthead and Marathon. Graham Partners bought Irish device maker Smithstown Light Engineering. EQT sold $2.6B in Galderma shares, while Juvena Therapeutics raised $30.5M in Series B financing. Bain Capital Ventures led $22M for Charta Health, Hemanext raised $18.9M for blood storage tech, and Mara Renewables secured $9.1M to scale algae-based omega-3 production. Private equity and venture capital flows continue to target scalable medtech, high-margin specialty pharma, and sustainable nutrition, with AI integration playing a growing operational role.

Financials

Ray Dalio fully exited Bridgewater Associates, with Brunei Investment Agency taking a 20% stake in a multibillion-dollar deal. Allianz, BlackRock, Generali and partners completed Viridium Group’s acquisition from Cinven. AXA nears a $1.2B deal for Prima Assicurazioni, while WisdomTree agreed to acquire Ceres Partners for up to $500M. Piper Sandler will buy G Squared Partners; Colliers took control of Astris Infrastructure. Mercer Global Advisors acquired Family Wealth Planning Group, and Grupo ilao consolidated 21 Colombian insurance brokerages with $30M backing. Saphyre secured $70M from FTV Capital, while Handwave and Merso raised $4.2M and $3M, respectively, to advance fintech and payments tech.

Professional Services

SAP will acquire SmartRecruiters to enhance its SuccessFactors suite. Cambridge Innovation Capital committed at least £100M to deeptech and life sciences spinouts from the University of Cambridge. Go-to-market services firm 2X acquired Outbound Funnel, integrating its AI-powered revenue operations into client offerings. Compliance automation startup Comp AI raised $2.6M from OSS Capital, Grand Ventures, and angel investors. Investor appetite is centering on tech-enabled professional services with recurring revenue potential, particularly in talent management, sales enablement, and compliance automation. Strategic acquirers are targeting niche, high-margin platforms that can plug directly into existing enterprise ecosystems for faster scaling.

Consumer & Retail

Goldman Sachs is set to lead a PAI Partners continuation fund to retain Froneri, its $17.3B JV with Nestlé. Refresco completed its acquisition of Norwegian drinks maker TKV, expanding its European footprint. Chinese dishwasher brand Qingmei raised $13.9M to fund a smart factory, while NuCicer secured $11.5M for high-protein chickpea breeding. Emulait landed $3M in media-for-equity from Mercurius Media Capital to boost market reach. Starbucks is advancing a second-round investor shortlist for its China operations, with suitors including KKR, Carlyle, and Tencent. Deal activity shows strong cross-border consumer brand consolidation and venture funding tied to sustainable food and smart home products.

Infrastructure

OpenAI will build its first European AI data center in Norway via a $1B JV with Nscale Global and Aker ASA, targeting 520 MW capacity and waste heat reuse. ArcLight Capital acquired Advanced Power with $1B committed and a $5B+ five-year investment plan. CPP Investments is providing $163M for a 54-MW Ontario AI data center expansion, while CSX explores merger options amid activist pressure. Snowhawk and Nuveen invested in Prime Data Centers’ 4 GW roadmap. Hyperscale data center development is dominating infrastructure capital flows, driven by AI demand, power security concerns, and strategic partnerships with sovereign and institutional investors.

Energy

MPLX will acquire Northwind Delaware Holdings from Five Point Infrastructure for $2.375B, expanding sour gas processing in New Mexico. Shell Midstream sold its 16.125% Colonial Enterprises stake to Brookfield for $1.45B. Atlantic Energy acquired commercial customers from Summer Energy, while Atlantica Sustainable bought Canadian wind assets from Statkraft. ExxonMobil is eyeing bolt-on acquisitions post-Pioneer deal, with BP rumored as a possible target. Venture and strategic deals are converging on midstream capacity expansion, renewable asset aggregation, and opportunistic consolidation in traditional hydrocarbons as activists push for higher returns amid the energy transition.

Industrials & Materials

Advent International won a £4.8B bidding war for Spectris over KKR. KKR is in exclusive talks to buy SK Ecoplant’s waste management units for $1.1B. CORTEC acquired Power Chokes, Cargill sold Malaysian feed assets for $54M, and ACON exited Amfora Packaging to Albéa Group. Midland Industries bought Cerro Brass to expand fittings offerings, while NDT Global acquired Entegra for high-res inspection technology. On the venture side, Still Bright raised $18.7M for copper extraction, Ruimeng Semiconductor secured $13.9M for AI chip cooling, and TRIC Robotics closed $5.5M for pesticide-free strawberry farming. Strategic themes center on industrial decarbonization and tech-enabled efficiency.

Real Estate

CBL Properties bought four US malls from Washington Prime Group for $178.9M as part of a portfolio optimization strategy. Pacaso raised $35M via a Reg A+ offering for luxury home co-ownership. Barings and a partner acquired a $244M Manhattan apartment tower, while Deutsche Bank refinanced Seattle’s Starbucks Center with a $435M loan. Sunrise Capital purchased Philadelphia’s Bourse Parking Facility, and Nightfood Holdings will acquire two California hotels for $80M as part of its RaaS strategy. Real estate capital is flowing into high-yield niche segments—student housing, structured parking, co-ownership platforms—and value-add repositioning of core urban assets.

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Written by: Dakota

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